Topic
Climate Change
RIMS calls post-TRIA terrorism cover a “national security” issue
July 25, 2006 by Canadian UnderwriterRisk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.“Without coverage, many companies will be vulnerable…
Lloyd’s absorbs major 2005-06 claims hits in Canadian market
July 24, 2006 by Canadian UnderwriterLloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.“What we’ve seen in Canada has caused a few…
Royal & SunAlliance advises on hailstorm protection
July 21, 2006 by Canadian UnderwriterRoyal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces*…
ERM becomes big business
July 19, 2006 by Canadian UnderwriterThe incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd…
Gulf, Atlantic coast residents half-prepared for hurricanes
July 18, 2006 by Canadian UnderwriterAverage insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on…
B.C. Utilities Commisssion confirms auto rate increase
July 18, 2006 by Canadian UnderwriterThe B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.“ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing…
Lloyd’s Market shaken, not stirred by 2005 hurricanes
July 17, 2006 by Canadian UnderwriterAs a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…
Ex-Special Forces operatives help underwrite U.K. terrorism risk
July 17, 2006 by Canadian UnderwriterWhen it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively,…
Terrorism risk cat bond prevails
July 14, 2006 by Canadian UnderwriterThe terrorism risk catastrophe bond written by Golden Goal Finance Ltd. To cover the cancellation of the 2006 FIFA World Cup was recently applauded by Risk Management Solutions (RMS).RMS, a provider of products and services for the management of natural…
Life, non-life insurance sectors show different growth rates
July 13, 2006 by Canadian UnderwriterLife and non-life insurance sectors showed entirely different developments in 2005, a Swiss Re annual study of the global insurance market found.In 2005, the worldwide insurance industry wrote premiums to the tune of US$3.4 billion. According to a Swiss Re…
Crawford to handle North Vancouver oil spill claims
July 12, 2006 by Canadian UnderwriterThe Vancouver-based marine services branch of Crawford Adjusters Canada has been appointed to handle the insurable repercussions resulting from a recent oil spill into an inlet off North Vancouver’s waterfront.Vessel owner’s liability insurers appointed Crawford Marine Services to investigate and…
What’s New: In brief (July 11, 2006)
July 11, 2006 by Canadian UnderwriterA.M. Best Co. recently released a new podcast series focused on insurance technogy and the E-Fusion conference. The audio series, called the “E-Fusion Podcast,” covers technology developments, conference doletails and the E-Fusion awards. The first episode features an interview with…